North Carolina Down Payment Support Programs

Online Merchant account - These systems are the deposit Assistance System as well as the Mortgage Credit Certificate.

You also buy a house between December 1, 2009 and January 1, 2009 and if you qualify for one of the programs, you may also be eligible for the $8,000 tax credit just enacted into law.

First, who is a First Time Home Buyer? A first-time Home Buyer is someone who has not owned a house within the past three years. Here is the same qualifying definition.

All home owners can claim an itemized deduction for mortgage interest.

Should you are eligible for the MCC, you can claim 20% of the interest you pay on your own mortgage as a credit in your federal income taxes. You can save around $2,000 on your taxes.

If you do qualify for 2009, for the MCC, you may manage to join this with the $8,000 tax credit. This may reduce a buyer's tax liability by $10,000.

Who Qualifies for an MCC?

Who qualifies for an MCC is based in your income along with the price of the house you are buying. Household income means the “gross income of the mortgagor and any person anticipated to reside in the home who's 18 years old or older.”

The income and house price limits that apply in Durham Orange and Chatham Counties are given below.

MCC Income Limits 1 Man $61,500 2 Individuals $61,500 3 Individuals $70,500 4 Persons $70,500

MCC Sales Price Limitations New Dwelling $220,000 Existing House $210,000

Home buyers that want help with their deposit and closing costs might be able to get down payment assistance - or, put simply, interest-free, deferred second mortgages up to $8,000. The buyer only has to pay $1,000 of their own funds and the load would pay as much as .

This plan has more stringent income limitations than the MCC plan summarized above. Like the MCC application, it may be used along with all the new $8,000 tax credit on home purchases between January 1, 2009 and December 1, 2009. The down payment assistance, nonetheless, cannot be applied together with all the MCC. This really is an either or situation.

The income and house price limits that apply in Durham Orange and Chatham Counties are listed below.

Down Payment Assistance Income Limitations

1 Man $39,950 2 Individuals $45,650 3 Individuals $51,350 4 Persons $57,050

Down Payment Support Sales Cost Limits New Home $210,000 Existing Dwelling $210,000